Won and Yen rise with no intervention expected

The Korean and Japanese currencies rose against the dollar on Monday, amid speculation that authorities would refrain from aggressive intervention this time.

The Won reached a seven-year high against the dollar, despite a cut in official interest rates and attempts by officials to talk the currency down last week. The central bank has been aggressively buying dollars to prevent the won from appreciating, and in a statement last week governor Park Seung said that it remained ready to take actio